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Wall Street may take a breather next week after an earnings-driven rally lifted the major U.S. stock indexes to their highest levels in months.

Microsoft Corp shares fell more than 9 percent on Friday, as the company’s weaker-than-expected results contradicted Wall Street’s belief that the worst is over for the technology sector.

The Nasdaq fell on Friday, halting a 12-day run-up, following Microsoft Corp’s disappointing quarterly results, but gains in pharmaceutical and energy shares lifted the Dow and the S&P 500 to fresh 8-month closing highs.

Optimists are back in control of the stock market, but they are cautious optimists. Major stock indicators have climbed 11 percent in the past two weeks to their best levels since last fall as a series of upbeat earnings reports and forecasts boosted investors confidence about an economic recovery.

Ray Elliott credits his predecessor with running a tight ship.

Major stock indicators climbed 11 percent in the past two weeks to their best levels since last fall as hopes for an economic recovery take hold. A series of strong earnings reports has many traders more optimistic about business conditions, while some are simply afraid to miss another rally.

Stocks that moved substantially or traded heavily Friday on the New York Stock Exchange and Nasdaq Stock Market: NYSE: